I have an old house that I am fixing up before I move in. It has a 100-amp
circuit breaker main electric panel. It also has old wiring -- some knob
and tub, some next generation "cloth covered" wiring, etc. No modern NM or
"Romex". Right now, I am putting in all new wiring and receptacles in the
first floor that is above an unfinished basement -- so access to the
receptacles is easy. I know how to connect the circuits, what wires go to
what, etc.

Here's my question:

If I'm putting in receptacles in the living room and dining room, and
running the horizontal wiring along the basement ceiling, how is the wiring
to each receptacle typically run?

Option 1 for me would be to run the wire to a junction box on the ceiling
below each receptacle and then run wiring from each junction box to each
receptacle.

Option 2 would be to not use junction boxes on the basement ceiling under
each receptacle. Instead, run the wiring along the basement ceiling, then
up to a receptacle, then back down to the basement ceil and on to the next
receptacle, then up to that receptacle, then back down and on the next
receptacle, etc.

Thanks.